Rather, the automaker was reported last week to offer discounts averaging nearly $6,000 on some Chevrolet trucks. This is believed to be part of an effort to boost sales after a bitter cold spell chilled sales across North America. By January 31, GM was stuck with 114 days-worth of inventory, the highest of any Detroit manufacturer.

Yet GM's CFO Chuck Stevens and other executives are currently in New York meeting with analysts and are reported to be saying something quite different. Analysts are hearing that the company is holding the line on prices on full-size pickup trucks. That doesn't seem to jibe with word that the Chevy Silverado's average discount is estimated to be around $4,200 according to Autodata and sales have fell 12% last month.

"GM has been a stock that I've liked," says Ross. "Over the last two days, it's become a stock that I love."

The stock's decline from the low-$40s in the month of January was the result of the markets unfairly punishing GM because of emerging markets woes, according to Ross. It maintained its $34 per share support level and has since broken above $37. It must next move a bit above its 50-day moving average at around $38 per share for it to then target $42, near its previous highs.

Ross sees the longer-term chart as upbeat, as well. That's because it bounced off its 50-week moving average. "That tells me the longer-term trend is intact," says Ross. "You want to use that short-term pullback as a compelling buying opportunity."

Portfolio manager John Stephenson of First Asset Investment Management, is optimistic on GM as well based on its price-to-earnings multiple (P/E) compared to competitors.

"The reality is this is a super-cheap stock," says Stephenson. "It's trading at 7.7 times 2015 earnings and that's cheap relative to the group. Ford's about 8.4; the group is about 8.9."

Stephenson also likes some of the company's new vehicles. "They're stronger, they're lighter weight [with] better power train," says Stephenson who doesn't see a problem with GM discounting its current lineup.

"They can boost sales relative to the old platform by $10,000 a car. This is going to be huge for the bottom line."

To see the full discussion on General Motors with Ross on the technicals and Stephenson on the fundamentals, watch the video above.